Friedman Roth Realty Services
Manhattan, NY According to Friedman Roth Realty Services, they have completed the sale of an East Village mixed-use building located at 24 Ave. A. This is the first sale of the building in 30 years. The sale price was $15.8 million.
The six-story corner property, with an aka address of 150 East 2nd St., features 20 apartments, five retail stores and a rooftop antenna.
George Niblock, managing partner, represented the seller while the purchaser was procured by Joseph Smith.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,